Re: What does the recession mean for the art world?

Description: Every time an auction doesn't do well, people think they know why, Cembalest says.

Transcript: That is the big question. Nobody knows what the recession means for the art world yet. Every time there is an auction and the auction does not do well, it does seem up to now that there have been reasons. So, may be in some cases the estimates were too high, they were little over-optimistic and the buyers who were do their homework knew the estimates were too high. In other cases may be the paintings had been around the block of too many times and people would have seen too much, so it didn't sell. So up until now, there really hasn’t been that much of dip at least in terms of the auctions.

Recorded on: 1/14/08